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WAEC SSCE - General Mathematics - 2006 (Objective)

Question 1 Report

If the simple interest on a sum of money invested at 3% per annum for 2\(\frac{1}{2}\) years is N123, find the principal.
Answer Details
The formula for simple interest is: I = PRT Where: I = Interest P = Principal R = Rate of Interest T = Time From the question: R = 3% per annum T = 2.5 years I = N123 We can substitute the values given into the formula and solve for P: 123 = P x 0.03 x 2.5 123 = 0.075P P = 123 ÷ 0.075 P = N1,640 Therefore, the principal is N1,640. Answer option (C).
Read lesson note on Modular Arithmetic (WAEC)
Read lesson note on Ratio, Proportions And Rates (WAEC)
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